Mirabelli and his wife had invested over $880 thousand into the Merrill Lynch Phil Scott Team Income Portfolios, a collection of 33 dividend-paying growth stocks in March of 2008. The NY Times reports they took out loans that helped make the account worth close to $1.8 million, on the condition the account not slip below $1 million. That happened by November of 2008 and the Mirabelli's had no choice but to sell the portfolio to cover the loans during the financial crisis.

Merrill Lynch has yet to decide if they will move to vacate the arbitration ruling.

A career backup, Mirabelli is best remembered for his seven seasons as knuckleball pitcher Tim Wakefield's personal catcher in Boston. He was part of the 2004 Red Sox team that ended the 86-year World Series drought.

ThePostGame brings you the most interesting sports stories on the web.

Follow us on Facebook and Twitter to read them first!

Mirabelli, 41, earned close to $7 million during his career, however the $1.2 million settlement is more than he earned in all but two of his seasons in the Major Leagues. He's currently working as a real estate agent in Traverse City, Michigan.